A Ceo Who Kept His Eyes On The Horizon

Most chief executives are loath to give up power before they must. Not Cummins Engine Co. Chief Executive Henry B. Schacht. At 59, with mandatory retirement six years away, Schacht decided to avoid the distractions of a lengthy transition. So on July 12, he stepped aside as CEO to make way for a successor. Why not hang around until pension time? "What I'd like to do is irrelevant," he says. "I have to do what's best for Cummins."

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